Odisha realtor arrested for duping investors

The chairmancum-managing director of Odisha-based realestate firm Subhasatya Investment Solution Pvt. Ltd Hemanta Kumar Samantaray was arrested by the Commissionerate Police here today on charges of duping hundreds of customers to the tune of Rs 15 crore by promising to provide good residential plots or high returns on their deposited money.

Samantray was forwarded to the local court, police said.

According to the Saheed Nagar police, Samantaray was running his office at Saheed Nagar area and had cheated many depositors through its 20 branches in the state. The accused was collecting hefty sums from the customers and depositors after promising them to provide good pieces of land in Pipili, Nimapara, Bhubaneswar and Tangi.

Some of the regional office of Samataray had also duped customers crores of rupees by promising high returns on their deposited money. However, the depositors failed to get back their money with the promised high interest even after the maturity on the schemes.

The police also said the accused entered into agreements with the customers by promising to provide land within a stipulated period. The promised plots were never handed over to the customers even after the stipulated time frame. The company officials played hide and seek with them and even refused to take their calls.

The accused later shut down all his offices three months ago.

Failing to get the promised money and land, duped cstomers and depositors lodged a complaint against Samantaray with the Saheed Nagar police station here following which the CMD’s office was raided and Samantaray, taken into custody.

The police are investigating into the builder’s past transactions and his links.